If the shaft is tapered from the joint down, which it should be, then it can be cut shorter to meet the desired diameter with a new joint installed. However, the shaft will be a little shorter than it is now. A fix for that could be that the shaft is shortened a little more and then a longer...
I had a drill in a vise (with a rheostat switch to control the speed) and a Willard Tipping machine for at least 15 years before buying my first cue lathe. I did tips and shaft cleaning on just about any cue brand out there. Anything is possible if you use common sense. You take a chance on...
I believe what you are referring to is when you install points in a cue, then come back and cut and install points inside the first set of points you put in.
https://www.youtube.com/watch?v=VBoF4Oqqpn8
I have had the best luck with Rapidfuse for these type situations...
https://www.ebay.com/itm/DAP-RapidFuse-High-Strength-Glue-All-Purpose-Adhesive-0-85-oz/283009830490?epid=16017872117&hash=item41e4b34e5a:g:9qcAAOSwPMZeQaal